Iron ore price rise in April does not meen a thing unless you...

Iron ore price rise in April does not meen a thing unless you have ore that is FOB then. And actually the marginal return becomes better for players smaller than AZR ie GBG and MIS because there production costs are so much higher, ie a $10 rise per ton when you have no profit margin perviosly is better than going from a $15.00 profit to a $25.00 profit margin per ton. Satelite orebodies here are more relevant than the main pit here. If they are made JORC or even more reserves are proven up then this is worth a punt. As for positively comparing this to Cockatoo, note where PMM is getting most of its ore now and its not only because Cockatoo is running out of ore.